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Traditional IRA

A Traditional IRA allows you to defer taxes on earnings of contributions until they are withdrawn. Contributions may be tax deductible in the tax year in which they are made.

Riverfront's Traditional IRA allows you to easily save for your retirement by offering:

  • Low minimum deposits - begin investing with just $1.
  • Easy contribution options - Make deposits through
  • Payroll deduction, direct deposit through the mail or in person.
  • Fee free account - Pay no annual fee or enrollment fees for this account.
  • Competitive interest rates which are compounded monthly.
  • Your funds are federally insured up to at least $250,000 and backed by the full faith and credit of the United States Government through the National Credit Union Administration

To be eligible to open a Traditional IRA an individual must have earned income and be younger than 70 years of age.

You may contribute any amount up to 100 percent of your earned income or $5000, whichever is less. Individuals age 50 and over can make an additional "Catch Up" contribution of $1000 for an annual total of $6000. The IRS may change contributions limits on an annual basis.

IRA's for a taxable year can be opened and/or funded anytime between the first day of the tax year and the date a tax return is due for that year, excluding extensions. For most taxpayers this due date is April 15 of the following year.

Traditional IRA earnings remain tax deferred until you make withdrawals from the account. They are then taxed as income in the year they are withdrawn.

You must begin to make required minimum distributions from your Traditional IRA at age 70 or risk additional tax penalties.

To start investing with Riverfront, Contact Us for an application.

For specific information regarding IRA rules and regulations and how they may apply to your individual circumstances you are encouraged to consult your tax or legal professional. Riverfront cannot offer tax or legal advice. You may also refer to IRS Publication 590.

Investment Disclosure

 

 
 

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